How to Buy A Boat At Auction

Boats are very expensive fun. You can use them for many kinds of recreation on the water, from a leisurely sail to fishing. However,acquiring such craft is very expensive. Many people get access to good sea-worthy vessels by buying them at auction.

Instructions

Difficulty: Easy

Find Out What You Want

1. Count your money, and determine how much money you are willing to offer at auction.
2. Find an auction in your area. Determine whether the auctioneer is reputable. Schedule when you can attend the auction, based on the days the auction is held.
3. Get an idea as to what you want. Do you want a new boat, used boat, repossessed vessel, etc?

At The Auction

4. Arrive early so you can look at the vessels, and find out which one you would like to bid on.
5. Prepare yourself to fill out some paperwork that is going to require a fee. This fee can range anywhere from $20 to $200.
6. Pay the small deposit, normally $1,000 to be formally able to bid on the vessel.
7. Go to the designated bidding area when your item is up for bid.
8. Learn the bidding style of the auctioneer. Some will give you something to raise to make a bid, others will tell you to use a certain gesture or you can just raise your hand.
9. Bid on the vessel aggressively, and if you are the highest bidder the item is yours.

Tips & Warnings

• You have three to five days to pay the agreed price.
• These vessels are presented to you in "as-is" condition. Any repairs that are needed are the responsibility of the owner.